Clear Your Debt
One of the biggest obstables to achieving a strong sustainable business is debt. Many people find themselves in debt and are barely making ends meet.
So!
Let's Clear your debt.
This is how we are going to do it!
Step One:
List all your credit cards from the highest interest rate to the lowest interest rate. Like the example below.
Example:
Card Type: Amount Owing Interest Rate Minimum Payment
1) Master card $2,750 20% $23
2) Master card $5,274 15% $73
3) Visa $3,478 10% $47
Step Two:
* Pay the minimum payment every month on all your cards.
* On the card with the highest interest rate, pay the minimum payment PLUS an extra $Amount each month. Even if it is only $10. (See Example Below)
* Keep paying extra $Amounts of money onto card number #1 each month, until you have paid the card in full.
Example:
Card Type: Amount Owing Interest Rate Minimum Payment
1) Master card $2,750 20% $23 + $10 = $33
2) Master card $5,274 15% $73
3) Visa $3,478 10% $47
Then when card number #1 has been paid in full.
Example:
Card Type: Amount Owing Interest Rate Minimum Payment
1) Master card $2,750 20% $23 + $10 = $33 PAID IN FULL
2) Master card $5,274 15% $73
3) Visa $3,478 10% $47
Step Three:
* Now you are paying card #2 minimum payment PLUS the payment from card #1.
* Pay the minimum payment every month on all your cards.
* Take the minium payment from card number #1 (Because you are already used to paying that amount) and put it onto the next card with the next highest interest rate. (See Example Below)
* Keep paying the minimum Amount PLUS the extra $Amounts of money onto card number #2 each month, until you have paid the card in full.
Example:
Card Type: Amount Owing Interest Rate Minimum Payment
1) Master card $2,750 20% $23 + $10 = $33 PAID IN FULL
2) Master card $5,274 15% $73 + $33 = $106
3) Visa $3,478 10% $47
Then when card number #1 has been paid in full.
Example:
Card Type: Amount Owing Interest Rate Minimum Payment
1) Master card $2,750 20% $23 + $10 = $33 PAID IN FULL
2) Master card $5,274 15% $73 + $33 = $106 PAID IN FULL
3) Visa $3,478 10% $47
Step Four
* Now you are paying card #3 minimum payment PLUS the payment from Card #1 and Card #2.
(See Example Below)
* Keep paying the minimum Amount PLUS the extra $Amounts of money onto card number #3 each month, until you have paid the card in full.
Example:
Card Type: Amount Owing Interest Rate Minimum Payment
1) Master card $2,750 20% $23 + $10 = $33 PAID IN FULL
2) Master card $5,274 15% $73 + $33 = $106 PAID IN FULL
3) Visa $3,478 10% $47 + $106 = $153
Keep Paying the minimum payment PLUS the Extra Amount until the card as been paid in full.
When that card has been paid in full. You will have cleared your debt.
Example:
Card Type: Amount Owing Interest Rate Minimum Payment
1) Master card $2,750 20% $23 + $10 = $33 PAID IN FULL
2) Master card $5,274 15% $73 + $33 = $106 PAID IN FULL
3) Visa $3,478 10% $47 + $106 = $153 PAID IN FULL
So!
Let's Clear your debt.
This is how we are going to do it!
Step One:
List all your credit cards from the highest interest rate to the lowest interest rate. Like the example below.
Example:
Card Type: Amount Owing Interest Rate Minimum Payment
1) Master card $2,750 20% $23
2) Master card $5,274 15% $73
3) Visa $3,478 10% $47
Step Two:
* Pay the minimum payment every month on all your cards.
* On the card with the highest interest rate, pay the minimum payment PLUS an extra $Amount each month. Even if it is only $10. (See Example Below)
* Keep paying extra $Amounts of money onto card number #1 each month, until you have paid the card in full.
Example:
Card Type: Amount Owing Interest Rate Minimum Payment
1) Master card $2,750 20% $23 + $10 = $33
2) Master card $5,274 15% $73
3) Visa $3,478 10% $47
Then when card number #1 has been paid in full.
Example:
Card Type: Amount Owing Interest Rate Minimum Payment
1) Master card $2,750 20% $23 + $10 = $33 PAID IN FULL
2) Master card $5,274 15% $73
3) Visa $3,478 10% $47
Step Three:
* Now you are paying card #2 minimum payment PLUS the payment from card #1.
* Pay the minimum payment every month on all your cards.
* Take the minium payment from card number #1 (Because you are already used to paying that amount) and put it onto the next card with the next highest interest rate. (See Example Below)
* Keep paying the minimum Amount PLUS the extra $Amounts of money onto card number #2 each month, until you have paid the card in full.
Example:
Card Type: Amount Owing Interest Rate Minimum Payment
1) Master card $2,750 20% $23 + $10 = $33 PAID IN FULL
2) Master card $5,274 15% $73 + $33 = $106
3) Visa $3,478 10% $47
Then when card number #1 has been paid in full.
Example:
Card Type: Amount Owing Interest Rate Minimum Payment
1) Master card $2,750 20% $23 + $10 = $33 PAID IN FULL
2) Master card $5,274 15% $73 + $33 = $106 PAID IN FULL
3) Visa $3,478 10% $47
Step Four
* Now you are paying card #3 minimum payment PLUS the payment from Card #1 and Card #2.
(See Example Below)
* Keep paying the minimum Amount PLUS the extra $Amounts of money onto card number #3 each month, until you have paid the card in full.
Example:
Card Type: Amount Owing Interest Rate Minimum Payment
1) Master card $2,750 20% $23 + $10 = $33 PAID IN FULL
2) Master card $5,274 15% $73 + $33 = $106 PAID IN FULL
3) Visa $3,478 10% $47 + $106 = $153
Keep Paying the minimum payment PLUS the Extra Amount until the card as been paid in full.
When that card has been paid in full. You will have cleared your debt.
Example:
Card Type: Amount Owing Interest Rate Minimum Payment
1) Master card $2,750 20% $23 + $10 = $33 PAID IN FULL
2) Master card $5,274 15% $73 + $33 = $106 PAID IN FULL
3) Visa $3,478 10% $47 + $106 = $153 PAID IN FULL
